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Monday, May 2, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - High Wave - Week 1 of May 2016.













Learning from last Week:  (click here for the previous `post)


Patterns: 

  • Bears keep the current high, lower than the previous (2116) #W1, taking the index below the Fork's bottom Tyne, April makes a High Wave candle #M1.
Support & Resistance:
  • Index keeps above the Monthly 5 EMA. Resistance near the last high (2116), helps the Bears get some red on the chart #D1.
Moving Averages:  
  • The critical 5 EMA, is below the 13 SMA, only on the Day Screen #D1.
Indicators:
  • STS slips from the over sold zone #D1.


Wrap:
Bears keep the index below the previous High #W1. Bulls continue to hold above the daily 222 SMA.




Looking forward into this Week:

Patterns:
  • Morning Star (Study Links herehere or elsewhere), is active on the Month Chart #M1. 
  • High Wave Candle (Study Links herehere or elsewhere) on the Month Chart, shows  some indecision among the players #M1. 
Support & Resistance: 
  • Last High (2116) continues to be the resistance to beat. The Daily 222 SMA, is still the support, that Bulls want to stay above #D1.
Moving Averages:
Indicators:
  • TSI is above the 50% mark #M2.


Wrap:
Tired Bulls, struggle to make a higher high (2116+) and a move to the ATH #W1.
Bears after the slip below the Fork, want to ensure a lower high (2116-) #D1.